Recent targeted easing by the People’s Bank of China, including a September 2026 cut to the pledged supplementary lending rate and expanded relending quotas for priority sectors, has addressed growth and property sector pressures without broad adjustments to benchmark rates such as the seven-day reverse repo or loan prime rate. Moderating inflation signals and uneven domestic demand have reduced urgency for further policy-rate moves, while authorities continue favoring structural tools over across-the-board changes. Trader consensus on no change by year-end reflects this measured stance, with limited scope for increases given external resilience and expectations that any additional support will remain selective through December.